Crypto ATM Market Overview
“The Crypto ATM Market is estimated to increase at a CAGR of 52% from $ 1.78 billion in 2023 to $ 15.67 Billion by 2030.”
Crypto ATMs are self-contained electronic kiosks that allow customers to buy and sell bitcoin in exchange for cash or a debit card. They sell Bitcoin and accept other cryptocurrencies, with some enabling purchases and others allowing sales.
Crypto ATMs, unlike regular ones, do not link to a bank account but connect to a user's digital wallet for transactions, with tens of thousands worldwide, primarily in the United States.
Crypto ATMs are digital wallets that convert cash deposits into cryptocurrency, managed on the blockchain. Users connect their digital wallets using a QR code, deposit cash, and transfer the acquired cryptocurrency directly to their wallet, ensuring secure and efficient financial transactions.
Crypto ATMs use cryptocurrency exchange apps to facilitate redemption of cash-purchased vouchers. Users deposit money, choose a cryptocurrency, print a voucher, and scan it with the app to redeem the voucher.
Most ATMs support one-way transactions, but some allow customers to purchase and sell cryptocurrency in return for cash. Selling cryptocurrency is the same as buying it, with users scanning their QR code, selecting the amount to sell, and receiving cash upon completion.
The text provides a summary of key takeaways.
Bitcoin and other cryptocurrencies can be purchased and sold through cryptocurrency ATMs, which accept cash transactions without requiring identification.
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Growth Drivers
- The widespread use of cryptocurrencies as a store of value and a means of exchange is significantly increasing the demand for crypto ATMs.
- Cryptocurrencies are gaining acceptance as an asset class, leading to an increase in investor participation in the market.
- Crypto ATMs make it easier for investors to buy digital assets and manage their holdings.
- Cryptocurrency ATM services are attracting a wider consumer base beyond simple transactions, enabling bill payments and remittances in routine financial activities.
Market Challenges
The crypto ATM sector faces challenges due to a lack of understanding and rising piracy issues. Many potential clients, even those familiar with cryptocurrencies, are unaware of the existence and accessibility of crypto ATMs, leading to users using traditional exchanges or online platforms instead. The risk of piracy and fraudulent activities also affects market confidence, as Bitcoin's popularity makes it a frequent target for cyber attacks, as crypto ATMs handle real-world transactions involving valuable digital assets.
India is driving the sales of crypto ATMs through various strategies and initiatives.
Cryptocurrencies are gaining popularity for financial inclusion, particularly in India, a major player in the Asia Pacific region's cryptocurrency ATM industry. With a growing number of cryptocurrency investors and fans, India's digital infrastructure, including smartphones and internet connections, is promoting the use of crypto ATMs, providing a wider audience with improved access to digital assets, making it a popular alternative investment method.
Crypto ATM Market Segment Analysis
In 2022, the Bitcoin market sector generated 29% of total income from crypto ATMs. BigCommerce, CoinPayments, and Bitpay have partnered to enable retailers to accept payments in Bitcoin and other cryptocurrencies. This trend has spread to over 64% of companies, with high-end fashion company Gucci already accepting Bitcoin payments at some locations.
The widespread use of cryptocurrency in restaurants and other hospitality spaces is justified by its potential to enhance customer experience and loyalty.
In 2022, restaurants and hospitality facilities dominated the market with 30%. They now accept cryptocurrencies for payments, offering user-friendly crypto ATMs for Bitcoin payments. This innovative payment option attracts Bitcoin enthusiasts and encourages them to visit these businesses, reducing exchange rate difficulties.
International travelers increasingly use cryptocurrencies for transactions due to their worldwide nature and low conversion rates. This trend is reflected in the increasing integration of cryptocurrencies into regular economic activities, thereby expanding the cryptocurrency ecosystem to a wider user base and making it more useful.
Competitive Landscape of the Crypto ATM Market Analysis
- BITCOIN DEPOT
- Bitstop
- Cash Cloud, Inc.
- Coinsource
- Covault LLC
- Bitaccess Inc.
- Cryptomat
- GENERAL BYTES s.r.o
- Genesis Coin Inc.
- Kurant GmbH
- Lamassu Industries AG
- RockitCoin
- Coinme
- Coin ATM Radar
- Soft-logic Co.
- Byte Federal Inc.
- Chain Bytes LLC
New Developments
March 28, 2023 - Coinme, a leading cryptocurrency cash exchange in the U.S., and the Stellar Development Foundation, a non-profit organization that supports the development and growth of the Stellar network, today announced the release of Circle’s USDC on Stellar throughout the Coinme wallet and Coinme’s global cash onramp and offramp ecosystem. Coinme’s integration of USDC on Stellar promotes financial inclusion by enabling physical cash to become borderless digital cash accessible across thousands of locations nationwide, making it simple and affordable to cash in, cash out, send, and receive USDC on Stellar.
FEB 08, 2023 Coin Cloud crypto ATM operator files for bankruptcy, owes over $100M to Genesis
The company was in “hyper-growth” in January 2022; now it has over 5,000 creditors and debts of over $100 million. Bankrupt Genesis is its largest creditor.
Cash Cloud, the operator of Coin Cloud digital currency automatic teller machines in the United States and Brazil, has filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Nevada.
Regional Analysis
"The United States is a significant contributor to the expansion of digital currency ATMs."
The United States is a significant player in the growth of digital currency ATMs due to its diverse market, regulatory framework, financial innovation culture, acceptance of cryptocurrencies, abundant investment capital, geographical reach, pioneering operators, and consumer demand for cash-to-crypto services.
The US has a significant number of Bitcoin owners, with 19% holding the cryptocurrency, indicating the growth of the regional industry. The global popularity of cryptocurrencies is expected to drive market growth, with the US having the most crypto ATMs.
The North America region is expected to dominate the global crypto ATM market due to industry giants like Bitcoin Depot, Coin Cloud, and CoinFlip. Public areas, particularly in the US, are gaining popularity for bitcoin ATM placement. In November 2021, Williston International Airport in North Dakota announced a cryptocurrency ATM, allowing travelers to buy and sell virtual currency.
The Asia Pacific region is expected to experience the highest growth rate in the global crypto ATM market due to the installation of two-way crypto ATMs, including the Philippines. The widespread use of smartphones and the continuous rollout of 5G technology also present opportunities for regional market expansion. Businesses in the region are increasingly using crypto ATMs to enhance customer service and operational efficiency.
Segments Covered in the Crypto ATM Market Report
By Type :
By Offering :
By Coin :
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Dogecoin
- Bitcoin Cash
- Dash
- Tether (USDT)
- Others
By Application :
- Commercial Spaces
- Restaurants
- Hospitality Spaces
- Transportation Hubs
- Standalone Units
- Others
North America
Europe
- Austria
- UK
- Czech Republic
- Spain
- Switzerland
- Netherlands
- Italy
- Slovakia
- Finland
- Poland
- Russia
- Rest of Europe (Rest of Europe mainly includes Slovenia, Hungary, Romania, Greece, Belgium, Israel, Croatia, Serbia, Kosovo, Ukraine, Malta, Georgia, Norway, Denmark, Estonia, Portugal, France, Iceland, and Ireland.)
Asia Pacific (APAC)
- Australia
- China
- Japan
- Rest of APAC (Singapore, Taiwan, Vietnam, New Zealand, Mongolia, and Thailand)
Rest of the World
- Central and South America
- Middle East & Africa
Frequently Asked Questions
What is the expected growth rate of the Crypto ATM market over the next 7 years?
Crypto ATM Market is estimated to increase at a CAGR of 52% from $ 178 billion in 2023 to $ 15.67 Billion by 2030. | Report 2023 by published by Market Report Service
Who are the major players in the Crypto ATM market and what is their market share?
BITCOIN DEPOT,Bitstop,Cash Cloud, Inc.,Coinsource,Covault LLC,Bitaccess Inc.,Cryptomat,GENERAL BYTES s.r.o,Genesis Coin Inc.,Kurant GmbH,Lamassu Industries AG,RockitCoin,Coinme,Coin ATM Radar,Soft-logic Co.,Byte Federal Inc.,Chain Bytes LLC, are prominent players operating and dominating in the market.
Who are the top 3 Crypto ATM Market Key Vendors?
BITCOIN DEPOT,Bitstop,Cash Cloud, Inc.,Coinsource, are key players in the Crypto ATM market.
Which geographical areas dominate the worldwide market for Crypto ATM?
North America region are emerging as the top regional markets for Crypto ATM solutions.
1.SUMMARY
1.1. Crypto ATM Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Crypto ATM
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Crypto ATM
3.7 Challenges associated with Crypto ATM
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Crypto ATM: Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Crypto ATM: Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Crypto ATM: Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Crypto ATM: Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Crypto ATM
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- BITCOIN DEPOT
- Bitstop
- Cash Cloud, Inc.
- Coinsource
- Covault LLC
- Bitaccess Inc.
- Cryptomat
- GENERAL BYTES s.r.o
- Genesis Coin Inc.
- Kurant GmbH
- Lamassu Industries AG
- RockitCoin
- Coinme
- Coin ATM Radar
- Soft-logic Co.
- Byte Federal Inc.
- Chain Bytes LLC
